-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, IRQwpDqw9YaYSg/Txogr6tY5sVOFnbEF19oFDcuou2LNbr5tACIfClNMaZZsce+G A1ig4xncm9Rg943geSDenw== 0000732718-94-000014.txt : 19940711 0000732718-94-000014.hdr.sgml : 19940711 ACCESSION NUMBER: 0000732718-94-000014 CONFORMED SUBMISSION TYPE: 11-K CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: US WEST INC CENTRAL INDEX KEY: 0000732718 STANDARD INDUSTRIAL CLASSIFICATION: 4813 IRS NUMBER: 840926774 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08611 FILM NUMBER: 00000000 BUSINESS ADDRESS: STREET 1: 7800 E ORCHARD RD STREET 2: SUITE 480 CITY: ENGLEWOOD STATE: CO ZIP: 80111 BUSINESS PHONE: 3037936629 MAIL ADDRESS: STREET 1: 7800 EAST ORCHARD ROAD STREET 2: SUITE 480 CITY: ENGLEWOOD STATE: CO ZIP: 80111 11-K 1 FORM 11-K RE SAVINGS & SECURITY PLAN/ESOP THIS DOCUMENT IS A COPY OF THE FORM 11-K ANNUAL REPORT CONCERNING THE U S WEST SAVINGS AND SECURITY PLAN/ESOP FILED ON JULY 1, 1994 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION. Exhibit 99c to Form 10-K for 1993 File No. 1-8611 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the year ended December 31, 1993 Commission File Number 1-8611 ________________________________ U S WEST Savings and Security Plan/ESOP ________________________________ U S WEST, Inc. 7800 East Orchard Road, Englewood, Colorado 80111
TABLE OF CONTENTS Page Report of Independent Accountants 2 Statements of Net Assets Available for Plan Benefits with Fund Information 3-4 Statement of Changes in Net Assets Available for Plan Benefits with Fund Information 5 Notes to Financial Statements 6-9 SUPPLEMENTAL SCHEDULES Item 27a - Schedule of Assets Held for Investment Purposes 10-12 Item 27a - Schedule of Assets Held for Investment Purposes: Schedule of Acquisitions/Dispositions 13 Item 27b - Schedule of Loans or Fixed Income Obligations 14-16 Item 27d - Schedule of Reportable Transactions 17
REPORT OF INDEPENDENT ACCOUNTANTS Defined Contribution Plans Committee of U S WEST, Inc.: We have audited the accompanying statements of net assets available for plan benefits of the U S WEST Savings and Security Plan/ESOP as of December 31, 1993 and 1992 and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1993. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the U S WEST Savings and Security Plan/ESOP as of December 31, 1993 and 1992, and the changes in net assets available for plan benefits for the year ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed on page 1 are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund Information in the statements of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for the purpose of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /S/ COOPERS & LYBRAND Denver, Colorado June 21, 1994 U S WEST SAVINGS AND SECURITY PLAN/ESOP NOTES TO FINANCIAL STATEMENTS _________ 1. Plan Description: The U S WEST Savings and Security Plan/ESOP (the "Plan") was established by U S WEST, Inc. (the "Company" or "U S WEST") to provide a convenient way for nonsalaried employees to save on a regular and long-term basis. Employees may designate up to 16% of their salary as allotments to the Plan. The Company provides a matching contribution in Company stock of 66-2/3% on the participants' allotments from 1% to 6% of salary. The Plan participant becomes 100% vested in Company contributions after completion of three years of service with the Company. Allotments from 7% to 16% of salary are unmatched. Employee allotments may be either before or after tax. Participants are able to invest in various combinations of six funds: U S WEST Shares, Interest Income (formerly Guaranteed Interest), U. S. Asset Allocation (formerly Balanced Fund), U. S. Stock, Global Assets and International Stock. A complete description of the Plan is contained in the summary plan description and amendments distributed to all participants. The U S WEST Savings and Security Plan/ESOP and the U S WEST Savings Plan/ESOP for Salaried Employees (the "Plans") participate in a master trust. The master trust serves as the investment vehicle for the assets of the Global Assets Fund and the International Stock Fund. Master trust investment income, realized and unrealized gains and losses and expenses are allocated to the Plans based upon each Plan's relative ownership in the master trust at the beginning of every semi-monthly valuation period. The Plan's proportionate interest in the net assets available for plan benefits and changes in net assets available for plan benefits has been presented in the financial statements. As of December 31, 1993, the Plan's interest in assets of the Global Assets Fund and the International Stock Fund in the master trust was 23.35% and 24.49%, respectively. The Plan was amended effective January 1, 1988 to include an Employee Stock Ownership Plan (ESOP) and renamed the U S WEST Savings and Security Plan/ESOP. As discussed in Note 7, during 1989 the Plan borrowed $190 million which funded the purchase of 5.4 million shares of U S WEST, Inc. stock. The Plan will repay the debt with cash contributions to the ESOP and certain dividends on Company stock. Shares in the ESOP are released as principal and interest are paid on the debt. These shares, as well as shares purchased in the open market with cash contributions to the U S WEST Shares Fund, are allocated to participant accounts to satisfy the Company match obligation. Pursuant to the Plan, loans are made available to participating employees based upon a participant's before-tax allotments and earnings and losses thereon, up to a maximum of $50,000. Except under certain provisions, the loans provide for periodic repayments over a period not to exceed four years (fourteen years for residential loans) at an interest rate as determined by the Defined Contribution Plans Committee. Participants also may make lump-sum repayments at any time after the six month period following the date of the issuance of the loan. Bankers Trust Company is the Trustee and Record Keeper for the Plan. The Internal Revenue Service has determined that the Plan meets the requirements of Section 401(a) of the Internal Revenue Code and is exempt from federal income taxes under Section 501(a) of the Code. Effective January 1, 1994, the Plan was merged with the U S WEST Savings Plan/ESOP for Salaried Employees. The name of the merged plan is the U S WEST Savings Plan/ESOP. The merger did not have any significant impacts on the provisions of either plan. 2. Accounting Policies: The value of investments are determined as follows: U S WEST shares and other securities listed on recognized United States and international stock exchanges on the basis of the last published sales price on December 31 as reported on the composite tape or, if no sales were made on that date, at the last published sales price on the immediately preceding day on which sales were made; over-the-counter securities and government obligations based on the bid prices on December 31, from published sources where available and, if not available, from other sources considered reliable; and contracts with banks and insurance companies and other investment contracts at principal plus reinvested interest. Purchases and sales of securities are reflected as of the trade date. The Plan presents in the statement of changes in net assets the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Dividend income is recorded on the ex-dividend date. Interest earned on investments is recorded on the accrual basis. 3. Unit Value and Participating Employees: The interest of an employee in each type of investment of the Plan is represented by units as described in the Plan. The value per unit was as follows:
Valuation USW Interest U.S. Asset Global International Date Shares Income Allocation U.S. Stock Assets Stock 12-31-92 3.2635 3.9499 1.9032 - - - 01-15-93 3.3256 3.9605 1.9159 1.0000 1.0000 1.0000 01-31-93 3.2835 3.9712 1.9422 1.0065 1.0108 0.9928 02-15-93 3.4620 3.9819 1.9597 1.0211 1.0206 1.0122 02-28-93 3.7037 3.9911 1.9959 1.0194 1.0262 1.0124 03-15-93 3.5336 4.0009 2.0050 1.0380 1.0345 1.0213 03-31-93 3.7029 4.0131 2.0099 1.0395 1.0424 1.0677 04-15-93 3.6495 4.0238 2.0457 1.0331 1.0494 1.1079 04-30-93 3.5862 4.0341 2.0052 1.0169 1.0451 1.1212 05-15-93 3.4797 4.0440 2.0107 1.0178 1.0483 1.1215 05-31-93 3.6488 4.0556 2.0308 1.0427 1.0572 1.1473 06-15-93 3.7334 4.0666 2.0518 1.0350 1.0577 1.1331 06-30-93 3.8921 4.0779 2.0847 1.0456 1.0658 1.1239 07-15-93 3.9233 4.0890 2.1049 1.0433 1.0684 1.1339 07-31-93 3.9754 4.1004 2.1046 1.0409 1.0699 1.1538 08-15-93 3.8910 4.1114 2.1306 1.0474 1.0802 1.1915 08-31-93 3.9540 4.1228 2.1876 1.0801 1.0933 1.2126 09-15-93 3.9645 4.1345 2.1886 1.0768 1.0935 1.2064 09-30-93 4.1756 4.1451 2.1789 1.0713 1.0922 1.2029 10-15-93 4.2279 4.1568 2.2381 1.0957 1.1011 1.2474 10-31-93 4.2488 4.1679 2.2112 1.0925 1.0992 1.2487 11-15-93 3.9669 4.1787 2.1876 1.0853 1.0929 1.2261 11-30-93 3.9668 4.1896 2.1785 1.0821 1.0873 1.1823 12-15-93 3.9775 4.2013 2.1813 1.0830 1.0905 1.2290 12-31-93 3.8922 4.2125 2.1975 1.0953 1.0999 1.2681
The number of employees participating in each fund was as follows:
December 31, 1993 1992 U S WEST Shares 35,181 36,501 Interest Income Fund 24,706 12,236 U. S. Asset Allocation Fund 12,581 26,575 U. S. Stock Fund 2,019 - Global Assets Fund 1,684 - International Stock Fund 2,736 -
The total number of participants in the Plan was less than the sum of the number of participants shown above because many participants were in more than one fund. 4. Employee Allotments and Employing Company Contributions: Allotments and contributions receivable at December 31, 1993 and 1992, and Company contributions for the year ended December 31, 1993, reflect reductions for forfeited contributions as described in the summary plan description distributed to all participants. Participants employed by U S WEST Direct receive Company matching contributions, however the limit of Company contributions with respect to a participating employee shall not exceed $1,717 per Plan Year. Participants employed by U S WEST Communications Telemarketing Center receive matching Company contributions of 33 1/3% of the matched allotments. Beginning in 1990, all dividends paid with allocation of Company shares are credited to the participant's account as additional units and are excludable for participant tax purposes. Certain other dividends are paid annually to participants in December and are taxable to the participant. 5. Plan Termination: In the event that the Plan is terminated, subject to conditions set forth by the Employee Retirement Income Security Act (ERISA), the Plan provides that the net assets be distributed to participating employees in an amount equal to their respective interests in such assets. 6. Plan Expenses: Plan expenses are paid from the Plan, except certain expenses incurred by U S WEST related to Plan administration. 7. Debt: During 1989, the Plan issued $190 million in notes for the purpose of purchasing Company stock, $60 million of which was borrowed by U S WEST, and loaned to the Plan and $130 million of which was borrowed by the Plan directly from outside lenders. These borrowings from outside lenders are guaranteed by U S WEST. The borrowings bear interest at 8.4% and have maturities through December 1995 and March 1999, respectively. Annual maturities for the next five years are as follows:
Year Ended December 31 $ in Millions 1994 $ 23.4 1995 25.3 1996 15.3 1997 16.6 1998 18.1 Thereafter 4.8 ----- $103.5 =====
U S WEST SAVINGS AND SECURITY PLAN/ESOP ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1993 _________ Description of Investment (Number of Shares or Name of Issuer and Principal Amount; Title of Issue Interest Rate; Maturity) Cost Value (Thousands of Dollars)
U S WEST SHARES U S WEST Common Shares* 14,043,178 $429,911 $644,229 Temporary Investments 3,885 3,885 ------- ------- Total U S WEST Shares Fund $433,796 $648,114 ------- -------
INTEREST INCOME FUND
Corporate Obligations GMAC 1993-B Grantor Tr $612,368; 4.00%; 09/15/98 $ 611 $ 611 Premier Auto Tr 970,196; 3.48%; 10/31/99 970 970 ------- ------- Total Corporate Obligations $ 1,581 $ 1,581 ------- ------- Contracts with Insurance Companies and Banks State Mutual Life Association $31,746,586; 7.80%; 06/30/95 $ 31,747 $ 31,746 New York Life Insurance Company 17,771,863; 7.83%; 06/30/96 17,772 17,772 Provident National 12,204,604; 8.30%; 09/30/95 12,205 12,205 7,038,820; 5.74%; 06/30/97 7,039 7,039 Protective Life 11,421,014; 6.10%; 09/01/97 11,421 11,421 10,645,938; 8.63%; 03/31/96 10,646 10,646 4,000,602; 5.65%; 12/31/97 4,001 4,001 Principal Mutual Life 8,298,295; 7.49%; 03/31/97 8,298 8,298 8,001,561; 7.40%; 12/31/96 8,002 8,001 Confederation Life 8,148,975; 7.51%; 09/30/96 8,149 8,149 Business Men's Assurance 3,086,966; 5.80%; 06/01/97 3,087 3,087 ------- ------- Total Contracts with Insurance Companies & Banks $122,367 $122,365 ------- ------- Other Investment Contracts NISA Guarantee $ 6,958,112; 5.96%; open $ 6,958 $ 6,958 Prudential 33,654,175; 6.16%; open 33,654 33,654 Wells Fargo/Bankers Trust Guarantee 15,706,240; 5.73%; open 15,706 15,706 ------- ------- Total Other Investment Contracts $ 56,318 $ 56,318 ------- -------
U S WEST SAVINGS AND SECURITY PLAN/ESOP ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1993 _________ Description of Investment (Number of Shares or Name of Issuer and Principal Amount; Title of Issue Interest Rate; Maturity) Cost Value (Thousands of Dollars)
INTEREST INCOME FUND (Continued) U. S. Treasury Notes $2,350,000; 3.875% to $ 2,362 $ 2,357 4.645%; 11/30/94 to 07/31/95 Other Governmental Obligations $6,324,103; various; 6,288 6,317 1/04/94 to 2/25/2001 ------- ------- Total Government Obligations $ 8,650 $ 8,674 ------- ------- Temporary Investments $ 9,431 $ 9,432 ------- ------- Total Interest Income Fund $198,347 $198,370 U. S. ASSET ALLOCATION FUND Wells Fargo Tactical Asset Allocation Fund* 2,310,379 $ 67,738 $ 82,336 Temporary Investments 1,319 1,319 ------- ------- Total U. S. Asset Allocation Fund $ 69,057 $ 83,655 ------- ------- U. S. STOCK FUND Wells Fargo Equity Index Fund 62,570 $ 6,130 $ 6,443 Temporary Investments 83 83 ------- ------- Total U. S. Stock Fund $ 6,213 $ 6,526 ------- -------
U S WEST SAVINGS AND SECURITY PLAN/ESOP ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1993 _________ Description of Investment (Number of Shares or Name of Issuer and Principal Amount; Title of Issue Interest Rate; Maturity) Cost Value (Thousands of Dollars)
LOAN FUND U S WEST Non-Salaried Loan Fund $30,603,625; 7.5% to 12.0% $ 30,603 $ 30,603 Temporary Investments 9 9 ------- ------- Total Loan Fund $ 30,612 $ 30,612 ------- ------- ESOP U S WEST Common Shares* 2,507,652 $ 86,904 $ 115,039 Temporary Investments 7 7 ------- --------- Total ESOP $ 86,911 $ 115,046 ------- --------- Total $824,936 $1,082,323 ======= =========
[FN] * Investment value represents 5% or more of the total plan net assets available for plan benefits. U S WEST SAVINGS AND SECURITY PLAN/ESOP ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES SCHEDULE OF ACQUISITIONS/DISPOSITIONS For the year ended December 31, 1993 _________
Number of Name of Seller Shares or Acquired Disposition or Purchaser Principal Amount Cost Proceeds (Thousands of Dollars) U S WEST Savings Plan Loans 20,407,679 20,408 - 12,912,438 - 12,912 Security Pacific 15,974,501 - 15,975 646,091 646 - Protective Life Ins. 11,821,494 11,821 - 6,502,796 - 6,503 4,074,569 4,075 - 863,000 863 - 863,000 - 863 400,480 - 400 253,013 253 - 73,967 - 74 Principal Mutual 8,753,869 - 8,754 8,604,756 8,605 - 591,995 592 - 591,991 - 592 Provident National 6,503,401 - 6,503 503,400 503 - Business Men's Assurance 3,148,762 3,149 - 61,797 - 62 State Mutual 2,340,000 2,340 - 2,340,000 - 2,340 Wells Fargo Bank TAA Cash Fund 2,111,888 2,112 - 1,233,156 - 1,233 Confederation Life 600,800 601 - 600,800 - 601 WFB Money Market 2,471 2 - 2,417 - 2
U S WEST SAVINGS AND SECURITY PLAN/ESOP ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS For the year ended December 31, 1993 _________ DISPOSITIONS
Number of Proceeds Gain or Security Description Transactions or Cost (Loss) (Thousands of Dollars) Bankers Trust Discretionary Cash Fund 3 $ 25,597 $ - Bankers Trust Directed Cash Fund 408 223,668 - U S WEST Common Shares 58 28,519 9,244 ACQUISITIONS Bankers Trust Discretionary Cash Fund 50 $ 31,570 - Bankers Trust Directed Cash Fund 393 232,837 - U S WEST Common Shares 19 43,640 -
EX-99 2 STATEMENT OF NET ASSETS U S WEST SAVINGS AND SECURITY PLAN/ESOP STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1992 (Thousands of Dollars) __________
|---------Fund Information------------| U S WEST Interest U.S. Asset ASSETS Shares Income Allocation Subtotal INVESTMENTS AT VALUE (cost $749,191) U S WEST common shares $509,780 $ - $ - $509,780 Government obligations - 24,340 - 24,340 Banks & insurance company contracts - 122,319 - 122,319 Other investment contracts - 37,532 - 37,532 Other marketable securities - 2,111 63,578 65,689 Temporary investments 1,551 6,107 1,788 9,446 ------- ------- ------- ------- Total investments 511,331 192,409 65,366 769,106 ------- ------- ------- ------- RECEIVABLES Allotments & contributions 4,468 2,191 1,132 7,791 Fund & other transfers, net - 340 762 1,102 Dividends & interest 14 189 5 208 Loans to plan participants - - - - ------- ------- ------- ------- Total assets 515,813 195,129 67,265 778,207 ------- ------- ------- ------- LIABILITIES PAYABLES Notes - - - - Expenses 2,175 970 446 3,591 Fund & other transfers, net 1,597 - - 1,597 ------- ------- ------- ------- Total liabilities 3,772 970 446 5,188 ------- ------- ------- ------- Net assets available for plan benefits $512,041 $194,159 $66,819 $773,019 ======= ======= ====== =======
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS AND SECURITY PLAN/ESOP STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1992 (Thousands of Dollars) __________
|-----Fund Information-----| Participant ASSETS Subtotal Loans ESOP Total INVESTMENTS AT VALUE (cost $749,191) U S WEST common shares $509,780 $ - $120,738 $630,518 Government obligations 24,340 - - 24,340 Banks & insurance company contracts 122,319 - - 122,319 Other investment contracts 37,532 - - 37,532 Other marketable securities 65,689 - - 65,689 Temporary investments 9,446 - 4 9,450 ------- ------- ------- ------- Total investments 769,106 - 120,742 889,848 ------- ------- ------- ------- RECEIVABLES Allotments & contributions 7,791 - - 7,791 Fund & other transfers, net 1,102 - - 1,102 Dividends & interest 208 - 17 225 Loans to plan participants - 23,237 - 23,237 ------- ------ ------- ------- Total assets 778,207 23,237 120,759 922,203 ------- ------ ------- ------- LIABILITIES PAYABLES Notes - - 124,967 124,967 Expenses 3,591 - - 3,591 Fund & other transfers, net 1,597 38 - 1,635 ------- ------ ------- ------- Total liabilities 5,188 38 124,967 130,193 ------- ------ ------- ------- Net assets available for plan benefits $773,019 $23,199 $ (4,208) $792,010 ======= ====== ======= =======
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS AND SECURITY PLAN/ESOP STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1993 (Thousands of Dollars) __________
|----------------Fund Information----------------| U S WEST Interest U.S. Asset ASSETS Shares Income Allocation U.S. Stock Subtotal INVESTMENTS AT VALUE (cost $808,579) U S WEST common shares $644,229 $ - $ - $ - $644,229 Government obligations - 8,674 - - 8,674 Bank & insurance company contracts - 122,365 - - 122,365 Other investment contracts - 56,318 - - 56,318 Other marketable securities - 1,581 82,336 6,443 90,360 Temporary investments 3,885 9,432 1,319 83 14,719 ------- ------- ------ ----- ------- Total investments 648,114 198,370 83,655 6,526 936,665 ======= ======= ====== ===== ======= RECEIVABLES Allotments & contributions 1,869 921 520 80 3,390 Fund & other transfers, net - - 266 385 651 Dividends & interest 7 37 3 10 57 Loans to plan participants - - - - - Investments sold 23 - - 23 - ------- ------- ------ ----- ------- Total assets 650,013 199,328 84,444 7,001 940,786 ------- ------- ------ ----- ------- LIABILITIES PAYABLES Notes - - - - - Expenses 2,744 947 618 11 4,320 Fund & other transfers, net 99 791 - - 890 ------- ------- ------ ----- ------- Total liabilities 2,843 1,738 618 11 5,210 ------- ------- ------ ----- ------- Net assets available for plan benefits $647,170 $197,590 $83,826 $6,990 $935,576 ======= ======= ====== ===== =======
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS AND SECURITY PLAN/ESOP STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1993 (Thousands of Dollars) __________
|---------------Fund Information----------------| Global International Participant ASSETS Subtotal Assets Stock Loans ESOP Total INVESTMENTS AT VALUE (cost $808,579) U S WEST common shares $644,229 $ - $ - $ - $115,039 $ 759,268 Government obligations 8,674 - - - - 8,674 Bank & insurance company contracts 122,365 - - - - 122,365 Other investment contracts 56,318 - - - - 56,318 Other marketable securities 90,360 4,056 11,195 - - 105,611 Temporary investments 14,719 88 28 9 7 14,851 ------- ----- ------ ------ ------- --------- Total investments 936,665 4,144 11,223 9 115,046 1,067,087 ------- ----- ------ ------ ------- --------- RECEIVABLES Allotments & contributions 3,390 50 109 - - 3,549 Fund & other transfers, net 651 66 522 479 - 1,718 Dividends & interest 57 - - - 16 73 Loans to plan participants - - - 30,603 - 30,603 Investments sold 23 - - - - 23 ------- ----- ------ ------ ------- --------- Total assets 940,786 4,260 11,854 31,091 115,062 1,103,053 ------- ----- ------ ------ ------- --------- LIABILITIES PAYABLES Notes - - - - 103,482 103,482 Expenses 4,320 8 32 17 - 4,377 Fund & other transfers, net 890 - - - - 890 ------- ----- ------ ------ ------- --------- Total liabilities 5,210 8 32 17 103,482 108,749 ------- ----- ------ ------ ------- --------- Net assets available for plan benefits $935,576 $4,252 $11,822 $31,074 $11,580 $994,304 ======= ===== ====== ====== ====== =======
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS AND SECURITY PLAN/ESOP STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION for the year ended December 31, 1993 (Thousands of Dollars) __________
|--------------Fund Information--------------| U S WEST Interest U.S. Asset Shares Income Allocation U.S. Stock Subtotal Net assets January 1, 1993 $512,041 $194,159 $66,819 $ - $773,019 ------- ------- ------ ----- ------- ADDITIONS (DEDUCTIONS) Employee allotments 30,372 25,816 13,886 1,594 71,668 Company contributions Cash 12,026 - - - 12,026 Allocation of company shares 22,560 - - - 22,560 Fund & other transfers, net (3,771) (17,530) (3,578) 5,106 (19,773) ------- ------- ------ ----- ------- Total additions (deductions) 61,187 8,286 10,308 6,700 86,481 INCOME USW common shares dividends 23,558 - - - 23,558 Cash Allocation of company shares 5,008 - - - 5,008 Interest & other dividends 246 13,217 3,909 145 17,517 Net appreciation (depreciation) in fair value of investments 99,398 (37) 7,145 319 106,825 ------ ------ ------ ----- ------- Total additions & income 189,397 21,466 21,362 7,164 239,389 ------- ------ ------ ----- ------- PAYMENTS Payment of interest on loans - - - - - Plan expenses 1,187 505 340 17 2,049 Participant distributions 53,081 17,530 4,015 157 74,783 ------- ------ ----- ----- ------- Net assets December 31, 1993 $647,170 $197,590 $83,826 $6,990 $935,576 ======= ======= ====== ===== =======
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS AND SECURITY PLAN/ESOP STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION for the year ended December 31, 1993 (Thousands of Dollars) __________
|--------------Fund Information---------------| Global International Participant Subtotal Assets Stock Loans ESOP Total Net assets January 1, 1993 $773,019 $ - $ - $23,199 $(4,208) $792,010 ------- ----- ------ ------ ------ ------- ADDITIONS (DEDUCTIONS) Employee allotments 71,668 837 1,163 - - 73,668 Company contributions Cash 12,026 - - - 20,418 32,444 Allocation of company shares 22,560 - - - (22,560) - Fund & other transfers, net (19,773) 3,212 9,734 6,524 14 (289) ------- ----- ----- ----- ------ ------- Total additions (deductions) 86,481 4,049 10,897 6,524 (2,128) 105,823 INCOME USW common shares dividends Cash 23,558 - - - 11,037 34,595 Allocation of company shares 5,008 - - - (5,008) - Interest & other dividends 17,517 124 1 2,568 104 20,314 Net appreciation (depreciation) in fair value of investments 106,825 134 992 - 21,869 129,820 ------- ----- ------ ----- ------ ------- Total additions & income 239,389 4,307 11,890 9,092 25,874 290,552 ------- ----- ------ ----- ------ ------- PAYMENTS Payment of interest on loans - - - - 10,086 10,086 Plan expenses 2,049 25 14 216 - 2,304 Participant distributions 74,783 30 54 1,001 - 75,868 ------- ----- ------ ----- ------ ------- Net assets December 31, 1993 $935,576 $4,252 $11,822 $31,074 $11,580 $994,304 ======= ===== ====== ====== ====== =======
The accompanying notes are an integral part of these financial statements. EX-99 3 SCHEDULE OF LOANS U S WEST SAVINGS AND SECURITY PLAN/ESOP ITEM 27b-SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS SCHEDULE OF PARTICIPANT LOANS IN DEFAULT (Continued) DECEMBER 31, 1993
Identity and Original Amount Received Unpaid Address of Obligor Amount During Reporting Balance at of Loan Year End of Principal Interest Year (a) (b) (c) (d) (e) (f) Jayne Koch $1,500 $ 132 $ 7 $ 277 Phoenix, AZ Gavell McLean 8,500 0 0 9,716 Seattle, WA Peggy Cunningham 1,000 249 12 33 Phoenix, AZ Patricia Linsdey 1,000 752 36 44 Federal Way, WA Michael McGrath 4,500 778 26 73 Tucson, AZ Roger Clark 2,000 579 21 46 Loveland, CO Kenneth Herbert 2,500 287 120 2,595 Woodbury, MN Marietta Penaflor 2,500 1,150 61 58 Seattle, WA Charles Fox 4,000 481 31 410 St. Paul, MN Julie Hynson 1,000 330 16 69 Renton, WA Marianne Gallagher 5,000 0 0 4,225 Denver, CO Jack Davidson 4,500 1,371 92 293 Thief River Falls, MN Sesario Hernandez 8,500 1,192 532 8,632 St. Paul, MN Kirsten Hullett 2,000 957 56 92 Faribault, MN Matthew Dorr 1,000 833 43 88 Adams, MN Helen Brandenburg 3,000 455 35 489 Council Bluffs, IA Janice Nickoles 3,500 928 205 2,040 Littleton, CO Marcia Harrell 2,500 233 77 1,042 Omaha, NE Cooper Aaxton 1,000 956 49 44 Denver, CO Joanne Cullen 4,500 777 37 58 Boise, ID Delana Stanczyk 2,000 920 49 46 Cheyenne, WY
Identity and Original Amount Received Unpaid Address of Obligor Amount During Report Balance at of Loan Year End of Principal Interest Year (a) (b) (c) (d) (e) (f) Warren Snyder 6,000 56 20 4,358 Golden, CO Charles Sanders 11,000 119 395 20,519 Northglenn, CO George Hartig 7,000 482 83 3,472 Denver, CO Maxine Titus 1,000 461 21 219 Denver, CO Ellen Dodds 1,000 87 30 735 Salt Lake City, UT Susan Smith 1,500 484 42 855 Phoenix, AZ Sylvia Tirado 4,000 181 5 93 Tempe, AZ Donna Peterson 4,500 1,098 285 2,304 Tempe, AZ Ronda Hill 2,000 1,266 47 87 West Jordan, UT Kenneth Chynoweth 2,500 0 0 2,380 Orem, UT Jill Michelini 3,000 113 41 2,557 Spokane, WA Joanne Edmonds 5,000 1,522 103 326 Spokane, WA Vanetia Young 3,000 32 7 542 Bothell, WA Nick Marrone 1,000 249 72 836 Tacoma, WA Vickie Jares 6,500 382 120 3,782 Portland, OR
NOTE: None of the participant loans in default or classified as uncollectible were with a party-in-interest. No loans were renegotiated during the year. All loans are secured by the participant's account. The company will collect overdue amounts through either payroll deductions or foreclosure upon a distributable event.
Identity and Loan Maturity Interest Type of Amount Overdue Address of Obligor Date Date Rate Loan (Personal/ Residential Principal Interest (a) (b) (g1) (g2) (g3) (g4) (h) (i) Jayne Koch 06/91 06/93 10.00 P 272 5 Phoenix, AZ Gavell McLean 04/93 04/97 8.75 P 1,219 1,216 Seattle, WA Peggy Cunningham 09/90 09/93 10.75 P 33 0 Phoenix, AZ Patricia Linsdey 09/92 09/93 9.25 P 44 0 Federal Way, WA Michael McGrath 06/90 06/93 10.50 P 73 0 Tucson, AZ Roger Clark 07/91 07/93 10.00 P 46 0 Loveland, CO Kenneth Herbert 10/92 10/96 9.25 P 637 381 Woodbury, MN Marietta Penaflor 11/91 11/93 10.00 P 58 0 Seattle, WA Charles Fox 09/89 09/30 10.50 P 402 8 St. Paul, MN Julie Hynson 09/91 09/93 10.00 P 68 1 Renton, WA Marianne Gallagher 05/90 05/94 10.50 P 3,032 569 Denver, CO Jack Davidson 12/89 12/92 10.50 P 289 4 Thief River Falls, MN Sesario Hernandez 11/91 11/95 10.50 P 2,792 1,316 St. Paul, MN Kirsten Hullett 12/91 12/93 9.75 P 91 1 Faribault, MN Matthew Dorr 11/92 11/93 9.25 P 87 1 Adams, MN Helen Brandenburg 10/90 10/93 10.75 P 477 12 Council Bluffs, IA Janice Nickoles 04/91 04/94 10.25 P 1,440 157 Littleton, CO Marcia Harrell 11/90 11/94 10.75 P 519 121 Omaha, NE Cooper Aaxton 12/92 12/93 9.00 P 44 0 Denver, CO Joanne Cullen 08/89 08/93 11.00 P 59 0 Boise, ID Delana Stanczyk 11/91 11/93 10.00 P 46 0 Cheyenne, WY
Identity and Loan Maturity Interest Type of Amount Overdue Address of Obligor Date Date Rate Loan (Personal/ Residential Principal Interest (a) (b) (g1) (g2) (g3) (g4) (h) (i) Warren Snyder 05/91 05/95 10.25 P 1,447 501 Golden, CO Charles Sanders 06/91 06/05 11.00 R 664 9,608 Northglenn, CO George Hartig 07/91 07/94 10.00 P 1,942 254 Denver, CO Maxine Titus 08/92 08/93 9.25 P 216 3 Denver, CO Ellen Dodds 10/91 10/95 10.00 P 144 84 Salt Lake City, UT Susan Smith 05/92 05/93 9.50 P 831 24 Phoenix, AZ Sylvia Tirado 09/90 09/92 10.75 P 93 0 Tempe, AZ Donna Peterson 08/90 08/94 10.50 P 1,219 199 Tempe, AZ Ronda Hill 08/92 08/93 9.20 P 87 0 West Jordan, UT Kenneth Chynoweth 09/90 09/94 10.75 P 1,464 362 Orem, UT Jill Michelini 11/90 11/94 10.75 P 1,391 351 Spokane, WA Joanne Edmonds 12/90 12/93 10.50 P 322 4 Spokane, WA Vanetia Young 02/89 02/93 11.00 P 524 18 Bothell, WA Nick Marrone 12/91 12/94 9.75 P 385 85 Tacoma, WA Vickie Jares 11/90 11/94 10.75 P 1,653 365 Portland, OR
NOTE: None of the participant loans in default or classified as uncollectible were with a party-in-interest. No loans were renegotiated during the year. All loans are secured by the participant's account. The company will collect overdue amounts through either payroll deductions or foreclosure upon a distributable event. -----END PRIVACY-ENHANCED MESSAGE-----